Key Takeaways
- A cargo plane skidded off the North Runway at Hong Kong International Airport (HKIA), resulting in one ground staff fatality and another critically injured, leading to the closure of the North Runway.
- Amgen (AMGN) announced positive topline results from its Phase 3 FORTITUDE-101 trial for bemarituzumab, demonstrating a statistically significant overall survival benefit in treating advanced gastric cancer.
- The Federal Aviation Administration (FAA) reported widespread flight delays at major U.S. airports, including Dallas, Chicago, and Newark, due to persistent air traffic control staffing issues exacerbated by an ongoing government shutdown.
- U.S. equity futures, including S&P 500 E-mini and Nasdaq futures, saw modest gains in early Asian trading, buoyed by stabilizing regional bank shares and President Donald Trump's efforts to de-escalate trade tensions with China.
A tragic incident unfolded early Monday morning at Hong Kong International Airport (HKIA) as an Emirates SkyCargo flight EK9788, operated by Turkish carrier Air ACT, skidded off the North Runway (07R) and plunged partially into the sea after landing from Dubai. The Boeing 747-481 (BDSF) reportedly veered left midway through its landing roll at approximately 3:53 AM local time, striking a ground-service vehicle.
While all four crew members on board the aircraft were rescued unharmed, the impact with the ground vehicle had dire consequences for the airport staff. Two ground staff members were thrown into the sea; one was later pronounced dead at the scene, and the other was rescued unconscious and is in critical condition at North Lantau Hospital. The North Runway remains closed for ongoing investigation, debris clearance, and safety inspections, though the South and Centre runways continue to operate.
Meanwhile, the Federal Aviation Administration (FAA) has confirmed that flight delays are impacting several major U.S. airports, including Dallas, Chicago, and Newark. These disruptions are attributed to air traffic control (ATC) staffing issues, which have been exacerbated by a U.S. government shutdown now in its 19th day. The FAA is reportedly reducing takeoffs and landings to maintain safety amidst the controller shortages. The U.S. Travel Association estimates that the prolonged shutdown could cost the economy $1 billion per week.
In the biopharmaceutical sector, Amgen (AMGN) announced significant positive topline results from its Phase 3 FORTITUDE-101 clinical trial for bemarituzumab. The trial successfully met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in overall survival (OS) for patients with previously untreated, unresectable locally advanced or metastatic gastric or gastroesophageal junction (G/GEJ) cancer who are FGFR2b-positive and HER2-negative. This represents a crucial advancement in treating gastric cancer, which is the fifth leading cause of cancer-related death globally. Detailed efficacy and safety data are anticipated to be presented at an upcoming medical congress.
On the market front, S&P 500 E-mini futures rose 0.2%, and Nasdaq futures were up 0.3% in early Asian trading. This positive sentiment followed a higher close on Wall Street last week, driven by President Donald Trump's actions to ease concerns over ongoing trade tensions with China. The stabilization of regional bank shares also contributed to the upward momentum. Investors are closely monitoring upcoming Chinese economic data and a four-day meeting of political leaders in Beijing. The market is also pricing in a 100% chance of a 25 basis point rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on October 28-29.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.